Chase Sapphire Preferred benefits include high rewards on travel, plus thousands of dollars in travel insurance and coverage for damaged or stolen purchases. Sapphire Preferred also offers one of the best initial rewards bonuses on the market. That’s a big reason why its among WalletHub’s choices for the year’s best rewards cards as well as the best credit card deals. The average person would earn more Preferred over the first two years of use than any other Chase credit card, according to WalletHub’s latest Credit Card Rewards Report. And Chase Sapphire Preferred’s secondary benefits are impressive as well.
Chase Sapphire’s Benefits
Initial Bonus: Sapphire Preferred offers one of the best bonuses on the market.
Travel Insurance: Chase Sapphire Preferred has the best overall travel insurance among credit cards, according to WalletHub’s editors. Pay for travel with Sapphire Preferred, and you’ll get coverage for delayed, cancelled, or interrupted trips as well as forlost or delayed luggage.
Rental Car Insurance: Paying for your vehicle rental with your Sapphire Preferred card automatically gives you coverage for damage or theft. Chase’s policy ranks second among major issuers.
Extended Warranty: If you buy something that has a manufacturer’s warranty, Chase may add a year to your coverage. Chase Sapphire Preferred and Reserve are tied for 17th in this category.
Purchase Protection: You may be eligible for at least a partial refund if certain items purchased with a Chase Sapphire card are damaged or stolen. WalletHub ranks Chase Sapphire Preferred 12thin this category. The Sapphire Reserve card takes 1st place.
International Travel Perks: WalletHub’s editors analyzed major issuers’ perks and policies for international travelers, including travel rewards, foreign transaction fees, emergency assistance and more. Chase Sapphire Preferred and Reserve tied for 7th best.
Another Chase Sapphire Preferred benefit is worldwide acceptance. Since Chase Sapphire Preferred is a Visa, you can use it pretty much everywhere in the world credit cards are accepted. Using a Visa or a Mastercard is the best way to convert currency when traveling internationally, too, thanks to low exchange rates that could save you as much as 9%. Plus, Chase is one of the few major credit card companies that will send you a free replacement if you lose your card while out of the country.
In short, Chase Sapphire Preferred is an excellent rewards credit card for people with excellent credit. You can learn more about the offer from WalletHub’s complete Chase Sapphire Preferred Card review.
You got travel insurance, car insurance when you rent, but my favorite ones are the purchase protection and return extension. With those two, you're covered in case you buy something crappy and want to return it.
One of the best Chase Sapphire Preferred benefits is its initial bonus of 60,000 points for spending $4,000 in the first 3 months. That’s a value of $750 toward travel through Chase Ultimate Rewards. Sapphire Preferred also offers 3 points per $1 spent on travel and dining, plus 1 point per $1 on all other purchases. Cardholders can transfer their points at a 1:1 ratio to 13 different travel loyalty programs, too. In addition to those great perks, Sapphire Preferred has benefits like travel insurance, purchase protection and extended warranties. It’s a great card all around.
Chase Sapphire Preferred is worth the $95 annual fee, which takes effect the second year, as long as you spend at least $1,334 per month. That will enable you to qualify for the card’s initial rewards bonus, which will cover the cost of many years’ annual fees.
You get 50,000 points when you spend $4,000 during the first 3 months after you open your account. That’s a value of $625 when you redeem for travel through Chase Ultimate Rewards. (Points are worth 1 cent each, plus Chase Ultimate Rewards gives you an extra 25% redemption value.) $625 pays for over 7 years of annual fees (since the first year is free). … read full answer
The third type of bonus you can get is from referrals. You earn 10,000 points for every person who signs up for Chase Sapphire Preferred using your referral link, with a limit of 50,000 points per year. That means you can earn an extra $125-$625 in travel every year, more than enough to offset the annual fee. You can’t forget about the everyday rewards you’ll earn on purchases, either.
Plus, Chase Sapphire Preferred has more benefits than just reward points. There are no blackout dates or other travel restrictions. And you’ll get a number of other free perks like travel insurance, roadside assistance, and purchase protection. All of these things enhance the value of this card even more.
Therefore, while Chase Sapphire Preferred’s annual fee certainly is above average, the rest of the offer is, too. So as long as you have excellent credit and spend enough to qualify for the initial bonus, Chase Sapphire Preferred is well worth the price.
While 720 is usually considered the start of the excellent credit range, we recommend 750+ to be on the safe side. Not all companies view score brackets the same way, and not everyone with a high enough credit score will get approved. That’s because Chase Sapphire Preferred’s approval requirements involve much more than just your credit score. The following factors will also play a role:
1. Income – Credit card companies must verify that you can afford a new line of credit before granting one. And how much you make is an important aspect of that. Income is especially significant with top-tier cards such as Chase Sapphire Preferred, which often have high spending limits.
2. Debt – Creditors need to know how much you owe, as this puts your income into context and clarifies your overall ability to pay. In other words, your existing debt obligations tell prospective lenders how much of your money is already spoken for and how much can be used for a new credit card’s monthly payments.
3. Number of applications - Chase is rumored to have an unofficial policy known as the 5/24 rule, which prevents you from opening more than five Chase credit cards in a 24-month period. This shouldn’t be a problem for most people. But it’s good to be aware of, considering how many great Chase credit cards are out there.
In addition to opening too many Chase cards too quickly, some commonly reported reasons for denial include having a short credit history, not having enough income, and past bankruptcies.
Some members of the community also report being approved for Chase Sapphire Preferredwith credit scores in the mid-to-upper 600s, but you should take those cases with a grain of salt. They’re certainly not the norm. According to all the anecdotal evidence we were able to dig up, around 7 in 10 people who get approved for Chase Sapphire Preferred have a credit score above 700. And 4 in 10 have scores above 750.
If you don’t think you have what it takes to meet the Chase Sapphire Preferred credit score requirement, the good news is there are plenty of great rewards credit cards for people with good, fair, limited and even bad credit. You can check out WalletHub’s review of 2017’s best rewards cards for each credit level to learn more.
But if you’re confident that your approval odds are high, you can go ahead and get started on your Chase Sapphire Preferred application.
Generally, Chase Sapphire’s purchase protection policy applies to lost or stolen items as well as items that were damaged by fire/smoke, vandalism, or accidental water/steam leaks. But there are some notable exclusions, including perishable items (e.g. food, plants and pets), collectibles, motor vehicles and computer software. You can’t make a claim on things you bought used, either.
You can check out WalletHub’s 2017 Purchase Protection Report to learn more about what Chase Sapphire covers and how much value you can recoup through the program. Now, it’s time to discuss how to actually take advantage of this complimentary perk.
Here’s how to file a Chase Sapphire purchase protection claim:
1. File a police report, if necessary. This applies only to stolen items, but it is very important. You are required to file a police report within 48 hours of the theft for your claim to be valid.
2. Contact the Chase Benefit Administrator. You must let Chase know that you intend to file a claim within 90 days of an item being lost, damaged, or stolen. You can do this by calling 1-888-320-9961 and giving the Benefit Administrator basic information about the situation.
3. Wait to receive a claim form. The Benefit Administrator will mail you a claim form following your phone call. You must fill out this form with information about what happened and return it within 120 days of the date of the incident. You’ll also need to send other relevant materials like receipts, police reports, and any settlements you already received.
4. Wait for the Benefit Administrator’s response. If Chase deems your claim to be valid, they will mail you a check for the amount needed to repair or replace your item, up to applicable coverage limits.
Of the two available Chase Sapphire cards, Chase Sapphire Reserve® offers better purchase protection. It surpasses Chase Sapphire Preferred® Card in terms of both the amount of coverage you’re eligible to receive and the number of claims you can make. So, while both Sapphire cards are among the best credit cards for purchase protection, according to WalletHub’s editors, only Chase Sapphire Preferred® Card is tied for 21st.
You should also note that purchase protection is not meant to replace regular insurance. If your house burns down, for example, Chase Sapphire purchase protection may cover some of the items that were inside but not the house itself. So, you’d still need homeowner’s insurance in that instance. That’s important because if an item is already covered by another policy, you need to make a claim there first, plus tell Chase about any money you’re awarded.
Please note, Chase is no longer offering some of these benefits.
I do a lot of traveling, so my favorite benefits are trip cancellation and interruption insurance, and lost luggage reimbursement. I also like that I get points whenever I pay for food, hotels, and plane tickets.
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